In This Article:
Toronto, Ontario--(Newsfile Corp. - January 20, 2025) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to provide a brief update on the progress of its exploration activities across its portfolio of projects in Canada's Athabasca Basin. The exploration update is intended to keep stakeholders informed of ongoing work and upcoming plans as we advance our strategic initiatives.
Smart Lake Joint Venture (Cameco/Purepoint)
-
A transient electromagnetic (TEM) survey was completed in December. The ground survey was designed to refine drill targets for the upcoming drill campaign. The resulting data is currently being interpreted by Cameco and should be available later this month.
-
The previously announced diamond drilling program targeting the northern Groomes Lake conductor is scheduled to commence in late March. Seasonal daylight and ground conditions will dictate the timing of this helicopter supported program.
Hook Lake Joint Venture (Cameco/Orano/Purepoint)
-
Key focus areas include follow-up drilling at last year's discovery in the Lightning Zone; and
-
Testing the northern extension of NexGen Energy Corp's Patterson East trend, where the target conductor extends into Hook Lake for approximately 1 km.
IsoEnergy/Purepoint Joint Venture (IsoEnergy/Purepoint)
-
Plans and budgets for the 2025 exploration year are currently being approved with further details to be released shortly.
-
Drilling is expected to commence in Q2 2025.
-
Work has commenced on the preparation of a NI 43-101 compliant technical report on the Geiger project as a regulatory requirement of last year's transaction. The report will be filed later in Q2 2025.
Denare West (Foran Mining/Purepoint)
-
A VTEM plus Airborne Electromagnetic survey was conducted in the Fall of 2024 by Foran to assist in confirming a geological link to their McIlvenna Bay VMS deposit.
-
Results are currently being interpreted and will be available shortly.
Tabbernor Project (100% Purepoint)
-
An airborne FALCON gravity survey by Xcalibur covered 7,549 line-km, focusing on mapping the extensive fault system was conducted in 2024.
-
The interpretation of the resulting data has now been completed and the results will be disseminated shortly.
Purepoint remains committed to advancing its projects through focused exploration and community collaboration as we respond to growing demand for uranium. Further updates will be provided as work progresses.
Options
The Company has approved the issuance of a total of 1,275,000 options to its Board of Directors, management and certain staff members pursuant to the Company's Omnibus Equity Incentive Compensation Plan. The options are exercisable at a price of $0.30 per common share and expire on a date that is five years from the date of grant.